"Despite an economic situation which weighs on our fiscal balance, the government remains committed to implementing announced policies," he said in a statement.

"We will pursue the needed reforms, to boost our medium term growth prospects. Against the background of a weak recovery and an abnormally low inflation in the euro area, each member country has to be up to its responsibilities and a coordinated economic policy has to be set up at the European level in order to boost growth."

He added that the French debt is among the safest and most liquid ones in the world, with a very contained debt service. It has a strong and deep investor base.

French economy did not grow at all in the second quarter, according to official data from the Bank of France. The central bank is forecasting a growth rate of 0.2% for the third quarter.